CHICAGO, April 4, 2024 /PRNewswire/ -- The report "Modular Construction Market by Type (Permanent, Relocatable), Module, Material (Wood, Steel, Concrete), End-Use Industry (Residential, Office, Education, Retail & Commercial, Hospitality, Healthcare), Region - Global Forecast to 2029", The global modular construction market size is projected to grow from USD 104.1 billion in 2024 to USD 140.8 billion by 2029, at a CAGR of 6.2% during the forecast period.
The modular construction market is growing rapidly due to urbanization, population growth, and the need for faster, more efficient building methods. Technological advancements have enhanced the quality and customization options of modular buildings, making them increasingly popular. Additionally, the focus on sustainability drives the adoption of modular construction, which generates less waste and requires fewer resources compared to traditional methods. However, factors such as lack of awareness and volatility in transportation charges may stall the growth of the market.
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Permanent modular building is estimated to dominate the market
The modular construction market is categorized as permanent and relocatable. Permanent modular buildings are reported as having the largest market share in the modular construction market. Permanent modular construction saves time and labor, thus lowering the construction cost.
Steel is projected to be the fastest growing segment in the modular construction market
Steel is the fastest-rising segment for the modular construction market from 2024 to 2029, in terms of value. This is because of the increasing use of steel in construction activities. Steel is also lighter in contrast to other materials, which makes it easy to be craned and transported into a place in a more efficient manner, resulting in less disturbance to the local area.
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The residential segment is expected to dominate the modular construction market.
Residential building structures can be built using modular construction solutions in about half the time as compared to conventional site-built construction methods. Different countries are turning to the adoption of modular construction methods as the modular construction helps in waste reduction during the construction process as the different modules are made in-factory. The residential end-use industry reported the most substantial demand for modular construction in 2023, in terms of value and volume.
Asia Pacific is the largest market for modular construction.
The Asia-Pacific (APAC) region emerges as the largest market in the modular construction industry among APAC, North America, Europe, the Middle East & Africa (MEA), and South America, primarily due to several key factors. Construction, one of the biggest and most valuable manufacturing sectors in the region, is highly fragmented and consists of a considerable number of large, medium-sized, and small construction companies. The construction players in the industry have adopted various technologies as a strategy to sustain the growing demand and competition. Rapid urbanization, industrialization, and expanding middle-class populations in countries like China, India, and Southeast Asian nations contribute significantly to the region's dominance in the market. Furthermore, increasing urbanization has led to changes in lifestyle and consumption patterns, driving the need for independent housing units.
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Market Players
The key players operating in the modular construction market are Laing O'Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Modulaire Group (UK), Bechtel Corporation (US), Fluor Corporation (US), Lendlease Corporation (Australia), Kleusberg GmbH (Germany) and others. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the modular construction market.
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